Van Lanschot Kempen: enhancing capital strategy and first-quarter 2022 trading update
11 Mai 2022 - 07:30AM
Van Lanschot Kempen: enhancing capital strategy and first-quarter
2022 trading update
Amsterdam/’s-Hertogenbosch, the Netherlands, 11 May 2022
Capital Markets Day
- Transformation into
specialist wealth manager completed successfully
- Focus on growth: organic, coupled with bolt-on
acquisitions
- Enhancing financial targets
and capital strategy
First-quarter 2022 trading update
- Q1 net result at
€25.1
million (Q1 2021:
€33.1
million),
decrease due to an
incidental exceptional
charge; underlying net result
€35.7 million (Q1 2021: €33.7 million), with
commission income up 18%
- Client assets at
€125.5
billion (2021:
€131.1
billion) and
AuM at
€106.3
billion (2021:
€112.1
billion)
- Net AuM inflows at
Private Clients of
€0.6
billion and at Wholesale
& Institutional Clients of
€0.1 billion
- Robust capital ratio at
20.8%
(2021:
23.7%),
decrease driven by steeper capital requirements
for residential mortgages
Maarten
Edixhoven, Chair of
the Van Lanschot Kempen
Management Board, said: “The first quarter of this
year was marked by high levels of uncertainty and volatility in the
financial markets, caused by the terrible war in Ukraine and the
ongoing pandemic. Our clients’ confidence and the sheer commitment
and dedication of our people have kept our net assets under
management (AuM) inflows in the black at €0.7 billion, pushed
up commission income by 18% and brought us a strong net result of
€25.1 million.
“Our transformation from a universal bank into a specialist
wealth manager with a focus on private banking, professional
solutions, investment management and investment banking is now
complete, and this is a good time to enhance our financial targets
and capital strategy. Our organisation boasts a solid growth track
record, both organically and by acquisition, and we focus on growth
while maintaining a capital-light balance sheet. Of course, our
people are key: we have a great team full of entrepreneurial spirit
and focused on our clients. We want to increase employee
participation. The launch of an attractive employee share scheme at
the start of the year proved a resounding success and we’ll soon be
announcing a specific scheme for senior employees.”
Enhancing financial targetsIn
2021, we achieved all four of our financial targets, so today we
are presenting our enhanced medium-term financial targets:
- A CET 1 ratio of 15% plus an M&A add-on of 2.5% for
acquisitions, the latter offering enough scope for bolt-on
acquisitions appropriate to our wealth management strategy. We plan
to return additional capital in excess of a 17.5% CET 1 ratio to
our shareholders in both 2022 and 2023, subject to regulatory
approval.
- An efficiency ratio of 70%, reflecting our ambition to grow our
revenues coupled with controlled cost growth.
- A 12% CET 1 return through the cycle.
- A dividend policy of 50–70% of underlying net profit
attributable to shareholders. This target is unchanged.
WEBCAST Our virtual Capital Markets Day will
start at 2.00 pm CEST on Wednesday 11 May. You may view this live
at vanlanschotkempen.com/cmd or play it back at a later date.
FINANCIAL CALENDAR12 May 2022
Retail
Investor Day 25 May 2022
Annual
General Meeting 27 May 2022
Ex-dividend
date 9 June 2022
2021 dividend payment date 25 August 2022
Publication of 2022
half-year results 4 November 2022
Publication of 2022 third-quarter trading updateMedia
Relations: +31
20 354 45 85;
mediarelations@vanlanschotkempen.comInvestor
Relations: +31
20 354 45 90;
investorrelations@vanlanschotkempen.com
About Van Lanschot KempenVan
Lanschot Kempen is a wealth manager active in Private Banking,
Professional Solutions, Investment Management and Investment
Banking, with the aim of preserving and creating wealth, in a
sustainable way, for both its clients and the society of which it
is part. As a sustainable wealth manager with a long-term focus,
Van Lanschot Kempen proactively seeks to prevent negative impact
for all stakeholders and to create positive long-term financial and
non-financial value. Listed at Euronext Amsterdam, Van Lanschot
Kempen is the Netherlands’ oldest independent financial services
company, with a history dating back to 1737. To fully leverage the
potential of the Van Lanschot Kempen organisation for its clients,
it provides solutions that build on the knowledge and expertise
across its entire group and on its open architecture platform. Van
Lanschot Kempen is convinced that it is able to meet the needs of
its clients in a sustainable way by offering them access to the
full range of its products and services across all its
businesses.
For more information, please visit vanlanschotkempen.com
Important legal information and cautionary note on
forward-looking statements This press release may contain
forward-looking statements and targets on future events and
developments. These forward-looking statements and targets are
based on the current insights, information and assumptions of Van
Lanschot Kempen’s management about known and unknown risks,
developments and uncertainties. Forward-looking statements do not
relate strictly to historical or current facts and are subject to
such risks, developments and uncertainties which by their very
nature fall outside the control of Van Lanschot Kempen and its
management.
Actual results, performances and circumstances may differ
considerably from these forward-looking statements and targets as a
result of risks, developments and uncertainties relating to, but
not limited to, (a) income growth, (b) costs,(c) the macroeconomic
and business climate, (d) political and market trends, (e) interest
rates and currency exchange rates, (f) behaviour of clients,
competitors, investors and counterparties, (g) the implementation
of Van Lanschot Kempen’s strategy, (h) actions taken by supervisory
and regulatory authorities and private entities, (i) changes in law
and taxation, (j) changes in ownership that could affect the future
availability of capital, (k) changes in credit ratings and (l)
evolution and economic and societal impact of the Covid-19
pandemic.
Van Lanschot Kempen cautions that forward-looking statements and
targets in this press release are only valid on the specific dates
on which they are expressed, and accepts no responsibility or
obligation to revise or update any information, whether as a result
of new information or for any other reason.
Van Lanschot Kempen’s quarterly accounts are prepared in
accordance with the relevant IFRS guidelines, as adopted by the
European Union. In preparing the quarterly figures in this press
release, except as described otherwise, the same accounting
principles are applied as in the 2021 Van Lanschot Kempen
consolidated annual accounts. The financial data in this press
release have not been audited. Small differences in tables may be
the result of rounding. Percentages are calculated based on
unrounded figures.
This press release does not constitute an offer or solicitation
for the sale, purchase or acquisition in any other way or
subscription to any financial instrument and is not a
recommendation to perform or refrain from performing any
action.
Elements of this press release contain information about Van
Lanschot Kempen NV within the meaning of Article 7(1) to (4) of EU
Regulation No. 596/2014.
This press release is a translation of the Dutch language
original and is provided as a courtesy only. In the event of any
disparities, the Dutch language version will prevail. No rights can
be derived from any translation thereof.
- Van Lanschot Kempen press release
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